8 Nov 2017 15:43

Kazakhstan-based SaryarkaAvtoProm licensed to manufacture JAC cars for Russia

ASTANA. Nov 8 (Interfax) - SaryarkaAvtoProm, China National Vehicle Import and Export Company and KazakhExport Export Insurance Company have signed a trilateral memorandum on cooperation, the Kazakh Export press service has said in a statement.

The document enables China National Vehicle Import and Export Company to supply Chinese car parts kits to Kazakhstan-based SaryarkaAvtoProm and licensed it to manufacture and ship JAC vehicles to the Russian market using KazakhExport's tools, according to the statement.

KazakhExport will support SaryarkaAvtoProm with export trade financing in Russian rubles.

This tool will allow the Kazakh carmaker to export JAC cars assembled in Kazakhstan without the cash gap and Russian buyers to enjoy cheap and long-term financing.

It was reported that in April, AllurGroup signed a memorandum on cooperation with Asia Group Tajikistan Holding with the support of KazakhExport and the Kazakh Embassy to Tajikistan with plans to export 1,000 JAC cars totaling $10.5 million in project value. In June the company shifted 55 cars approaching $600,000 in value to Holding Asia Group Tajikistan.

AllurGroup was established in 2003. AllurGroup includes Allur Auto, AgromashHolding, and SaryarkaAvtoProm and assembles SsangYong, Peugeot and JAC vehicles, as well as IVECO commercial equipment.

KazakhExport Export Insurance Company is a subsidiary of the Baiterek holding. KazakhExport offers support aimed at boosting exports of non-commodity products, works and services in priority sectors of the economy and shaping financial, insurance and non-financial support for Kazakh enterprises.

China National Vehicle Import and Export Company, founded in the mid-1980s, is the linchpin of China's automotive marketing business and an import and procurement agent for special utility vehicles. The company exports vehicle spare parts to the CIS countries, the Czech Republic and vehicles to countries in South East Asia and the Americas.

The current exchange rate 332.9 tenge/ $1.